Article
Digital Financial Inclusion as A Catalyst for Inclusive Development and Sustainable Development Goals: A Bibliometric Review
Digital financial inclusion (DFI) is quickly becoming a global movement of overwhelming proportions. Reports featuring Bill Gates indicate that mobile-enabled financial services can cover over 2 billion unbanked people worldwide by 2030. DFI offers significant value to community banks, thrifts, lending companies, and insurance agencies by promoting positive financial systems that enable firms to capitalise on opportunities. It also benefits sustainability, as the World Bank has stated it can help achieve 13 of the 17 United Nations Sustainable Development Goals (SDGs). Studies from 25 African countries between 2011 and 2019 have shown that digital financial inclusion can advance sustainable development. Still, all markets should be regulated to ensure a balanced distribution of benefits.
In recent trends, digital transactions are becoming an indispensable part of daily life. The transactions rose from 2,071 crores in the year 2017 - 2018 to 18,737 crores in the year 2023- 2024, making it an indispensable part of the economy in countries like India. The percentage of Indian accounts grew from 35% in 2011 to 80% in 2024 due to the implementation of policies.
There are over 37% of adults who are outside the financial system. This highlights the immediate need for more inclusive alternatives. The common challenges include poverty, inequality, low literacy, and poor infrastructure. Consumer protection, data privacy and regulatory strategies are also issues that need to be resolved to properly apply digital payment policies. Even though financial inclusion is better in developed countries, it also faces challenges with people due to economic, psychological or cultural factors such as the indebted, the jobless, the elderly, migrants, and prisoners.
This study addresses three key questions using combined data from 87 articles spanning from 2015 to 2024: (1) How can the existing literature establish a relationship between inclusive development, Digital Financial Inclusion, and the Sustainable Development Goals (SDGs)? (2) What does bibliometric analysis reveal about the patterns of citation, major authorship, and publication sources, and the relationships of author’s works, in addition to the use of common keywords in Digital Financial Inclusion research?
From the results of the survey, it can be concluded that digital financial inclusion is effective in promoting economic growth and enhancing the financial inclusion of the poor. However, there is a need for customised policies and continuous efforts for proper implementation.
Digital finance is changing the world economy in multiple ways. It empowers people by reducing poverty. To fully maximise the opportunities provided by digital finance, involved parties should ensure that individuals can benefit from the digital finance revolution.